Grid Iron Prep incorporated (GIPI) is a service busines incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $51,000,80% of which related to the gymnasium and 20% to a. GIPI issued stock in exchange for $110,000 cash on 1/01. c. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. the equipment. e. GIPl collected $37,000 cash in training fees on 1/10, of which $34,500 related to January and $2,500 related to February. d. GIPI provided $5,000 in training on 1/04 and expected collection in February. g. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $2,500. Gym 1 GIPI paid $23,500 of wages and $6,000 in utilies on 1/30. equipment will be depreciated using the double-declining-balance method, with an estimated its four-year useful life. Record depreciation on 1/31 equal to one-tweifth the yearly am paid or recorded. i. GIPI uses the aging method for estimating doubtful accounts and, on 1/31, will J. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. accounts as not collectible. General Journal tab - Prepare journal entries to record the transactions and adjustments listed in (a) to (j). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each joumal entry is posted automatically to the general ledger. Trial Balance tab - You may view the adjusted trial balance. Income Statement tab - Prepare the income statement for the month ended January 31. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31. Balance Sheet tab - Prepare the balance sheet as of January 31